Initial Jobless Claims For the week ending on June 13, 2020: 1,508,000

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> Continuing Jobless Claims: > Actual: 20,544,000 > Prior Week Revised: 20,606,000 Damn, that’s basically no progress at all in reclaiming jobs.


Watch SPY end in green today


At what point do markets factor in that 20 MILLION people do not have jobs? Continuing claims had its smallest decline week-over-week since the decelerating began despite this narrative that the U.S. is re-opening. How many of these jobs are actually coming back? Oregon continuing claims were up 50%! (possibly an error) On the flip, Philly Fed index was shockingly positive, massive increase in new orders and shipments. Who knows what the U.S. will be like in 6 months. I’m convinced the only thing keeping equity markets up at this point are massive funds with return targets who can’t source yield anywhere so they’re loading up on equities.


That’s kind of a lot still


Interesting commentary regarding the top 3 states that had a net decrease in jobless claims week over week. FL -95,546 Fewer layoffs in the agriculture, forestry, fishing, and hunting, construction, manufacturing, wholesale trade, retail trade, and service industries. TX -17,001 No comment. GA -13,909 Fewer layoffs in the health care and social assistance, trade, transportation and warehousing, and accommodation and food services industries. I am curious to see what’s going to happen as the daily new COVID-19 cases, hospitalizations and deaths continue to increase in Florida and Texas.